The 5 waves lower from Jan 26 high will end either wave ((i)) or wave ((a)) of larger Elliott Wave degree. Pair should then bounce in wave ((ii)) or ((b)) to correct cycle from Jan 26 high in 3, 7, or 11 swing before the next leg lower. As far as pivot at 1.322 high stays intact, expect rally to fail and pair to extend lower at least another leg lower. We do not like buying or fading the 5 waves move lower as the impulsive move can always extend to the downside further. A break above the parallel channel can be the first indication that wave ((i)) is complete.

GBPUSD 1 Hour Elliott Wave Chart

Information is provided 'as is' and solely for informational purposes, not for trading purposes or advice, and is delayed per exchange requirements.For Terms of Use, Privacy Policy and Exchange Delays, click here.